The Enron effect

banking on trial

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Following the implosion of its client Enron, Arthur Andersen’s fall from the select circle of top accounting firms was swift. The firm’s role in disguising the Houston energy company’s true financial condition followed a string of similar transgressions. So when the Justice Department indicted Andersen six months after Enron’s collapse, the integrity bonding it to clients disintegrated, its once solid reputation was destroyed, and the Big Five accounting firms quickly became the Big Four.

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